John Smith spoke to Review of global surveys about the United States Office of Foreign Assets Control (OFAC) issuing a finding of violation (FOV) against Oklahoma City-based MidFirst Bank for allowing two people to transact after being added to the agency’s Specially Designated Nationals and Blocked Persons List (SDN List), warning financial institutions to implement reliable screening tools to continue monitoring the list.
“I think what OFAC wanted was for every bank and every operating company to call their provider to make sure the provider is screening new and existing customers on a regular basis,” John said. “That was clearly the intention; to make sure others do their due diligence and check with their testing provider. It’s a cautionary tale for everyone.”
Read the article completely.
Originally published by Global Investigations Review
Due to the generality of this update, the information provided here may not be applicable in all situations and should not be applied without specific legal advice based on particular situations.
© Morrison & Foerster LLP. All rights reserved